Monday, July 11, 2016

British Government Testing Blockchain On Benefits Payments

From City AM:
The government has quietly been testing blockchain technology for benefits payments

The government has quietly been testing out blockchain technology to make benefit payments, it has been revealed.

The department of work and pensions (DWP) has worked with Barclays, Npower, University College London and a UK-based distributed ledger platform startup called GovCoin to create an app which tracks spending.

"Claimants are using an app on their phones through which they are receiving and spending their benefit payments. With their consent, their transactions are being recorded on a distributed ledger to support their financial management," said welfare reform minister Lord Freud at a payments conference earlier this week.

The ongoing small trial which could demonstrate the practical applications of the technology began in June.

“This initiative focuses on adding an additional layer of richer data and identity onto payments, so that a deeper and more effective relationship can be established between the government and claimants," said vice chairman of corporate banking at Barclays, Jeremy Wilson....MORE